Impaired loans at December 31, 2011 were $56.5 million compared to $58.0 million at December 31, 2010. Specific reserves for impaired loans were $3.0 million, or 5.28% of the aggregate impaired loan amount at December 31, 2011, compared to $6.0 million, or 10.39%, at December 31, 2010. Excluding specific reserves for impaired loans, our coverage ratio (general allowance as a percentage of total non-impaired loans) was 4.62% at December 31, 2011, compared to 4.19% at December 31, 2010.Net loan charge-offs during the fourth quarter of 2011 were $3.7 million, or 4.09% of average loans on an annualized basis, compared to $6.3 million, or 6.39%, during the third quarter of 2011 and ($134) thousand, or (0.12%) of net loan recoveries during the fourth quarter of 2010. Gross charge-offs of $3.8 million, which were specifically reserved for at September 30, 2011, primarily resulted from full charge-offs of a $3.0 million commercial real estate loan and a $285 thousand commercial loan. In addition, $546 thousand were partially charged-off on two commercial real estate loans and one church loan.
Broadway Financial Corporation Reports Net Loss For 4th Quarter And Year 2011
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